Between mortgage payments, maintenance, and taxes, owning a home means taking on a lot of responsibility. As a result, many homeowners purchase homeowners insurance to provide peace of mind. This coverage is designed to help you protect your most precious investment—you home. Learn more about why all homeowners are encouraged to obtain a reliable policy below. 

A Brief Guide to Homeowners Insurance

1. Home Insurance Protects You

Along with coverage in case your home is damaged, it can also protect you from liability issues. Without liability coverage, third party safety becomes your responsibility.  For instance, if someone is injured while visiting your home, you could be held accountable for medical costs. You can also be held responsible for property damage incurred by third parties, such as if a tree falls from your property into a neighbor’s yard.

2. Many Lenders Require Coverage

Most people work with financing organizations when buying a house. Lenders like banks and other financial institutions often require homeowners to secure insurance policies as a condition of receiving a home loan. That way, the lender protects their investment protected.

3. It Insures Your Belongings

In addition to covering the house itself, homeowners insurance also protects your personal property. This includes things like furniture, electronics, and clothing. If you have high-value items, such as jewelry, consider your insurer’s limits to ensure your belongings are fully covered.

4. It Helps Pay for Temporary Lodging

If your home becomes seriously damaged, you may need to find alternate lodging while repairs are made. If repairs take weeks or months to complete, the cost of a hotel or other lodging can become significant. Many home policies also include funds for temporary lodging in scenarios like this. 

If you’re shopping for homeowners insurance or considering updating your policy, Truax Insurance in Ogdensburg, NY, provides reliable policies from trusted carriers. Their knowagable agents will help you to find the most affordable coverage that meets your needs. Along with home coverage, they also provide auto, life, and commercial insurance. Call (315) 393-3805 to schedule a consultation or visit their website for more information.